From the 01 July 2018 you will be allowed to make “catch up” concessional contributions. If you have a superannuation balance of less than $500,000, you will have the ability to carry forward your unused concessional cap for up to five years! The first year in which you can access unused concessional contributions is the […]
There are many ways to legally minimise your tax bill. Here are 5 strategies to action before 30 June that will either reduce or minimise the amount of tax payable or delay the need to pay the tax for at least another 12 months.
What happens if the Trustee fails to make a resolution before the end of the financial year? The Trustee may be assessed by the Tax Office on the Trust income at the highest marginal tax rate (i.e. 47% including Medicare levy)! Trustees who distribute the income of a Discretionary Trust (or often referred to as a Family Trust) through […]
Fringe Benefits Tax (‘FBT’) is a tax payable by an employer in respect of various benefits provided to employees. When it comes to taxes and business costs we see a lot of businesses paying too much in FBT and some simple tips could help save you thousands.
For the third part in the series of superannuation changes we are going to focus on the changes to the concessional contribution cap (which is where your personal deductible contribution, salary sacrifice and employer SG contributions count towards) and what actions you need to take to ensure you are compliant with these new rules.